December's Storm Related Losses Topped $4 Billion

While preliminary data show a higher-than-normal number of disasters, overall losses were below normal, in terms of economic and insured losses. The United States represented 60 percent of all global insured losses in 2015, according to the company.

Jan 07, 2016

Weather-related catastrophes in December 2015 caused more than $4 billion worth of economic losses, according to Impact Forecasting's Global Catastrophe Recap report released Jan. 6. Impact Forecasting is Aon Benfield's catastrophe model development team, while Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc; the company said the new study will be followed by Impact Forecasting's Annual Global Climate and Catastrophe report, which is scheduled to be released Jan. 13.

While preliminary data show a higher-than-normal number of disasters, overall losses were below normal, in terms of economic and insured losses. The United States represented 60 percent of all global insured losses in 2015, according to the company.

The December 2015 report says weather-related incidents in the United States killed at least 64 people, with Missouri, Texas, Illinois, Arkansas, Oklahoma, Mississippi, Tennessee, Alabama, Kentucky, and Indiana among the hardest-hit states. Insured losses are likely to approach or top $2 billion; the Insurance Council of Texas reported losses of $1.2 billion in the Dallas metropolitan area alone, according to the report, which says extensive flooding in the United Kingdom and Ireland also were costly -- reports from the Association of British Insurers and others indicate preliminary insured losses in the UK are expected to exceed $2.2 billion and economic losses will be around $4 billion.

Elsewhere, some parts of Argentina, Paraguay, Uruguay, and Brazil in December 2015 experienced their worst flooding in at least 50 years, with at least 16 people killed and preliminary economic loss estimates exceeding $200 million, and Typhoon Melor made killed at least 42 people in the Philippines, with the Philippines' National Disaster Risk Reduction and Management Center reporting economic damages to agriculture and infrastructure alone at $140 million.

To view the full December 2015 Global Catastrophe Recap report, visit this website.